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Old February 3rd, 2012, 03:19 AM   #1601
Iyo
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Quote:
Originally Posted by sfasiandancer View Post
teka teka lang... bakit malaking discount ang binigay kay Corona nang mega world, bakit tayo walang malaking discount rin, puro hintay at sakit sa ulo, tagal masulosyonan, if anyone can pay within one year . aba 1/3 discount na agad, tara magandang gawain ng mega yun ha. kasi when i called about parkview wala silang info about turn over. so hanging pa ang turn over.
oo nga naiisip ko din yun, pero it only prove na ok and mega world....
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Old February 5th, 2012, 07:42 PM   #1602
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some recent MGC pictures around the middle and right below the webpage:
http://megaworldinvestments.weebly.c...rden-city.html
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Old February 5th, 2012, 07:45 PM   #1603
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Originally Posted by Iyo View Post
oo nga naiisip ko din yun, pero it only prove na ok and mega world....

Megaworld reputation intact despite Corona trial, analysts say
By: Tessa R. Salazar
Philippine Daily Inquirer
7:25 pm | Friday, February 3rd, 2012

THE MCKINLEY Hill CyberPark is the community’s own Peza-accredited ecozone. Photos by Tessa R. Salazar

The ongoing impeachment trial against Chief Justice Renato Corona won’t affect high-end property developer Megaworld’s reputation, according to property analysts when asked by Inquirer Property on the positive and adverse effects of Megaworld’s involvement in the trial.

Megaworld has been in the hot seat the past few days when its officers were subpoenaed to shed light on the 303-square-meter Bellagio unit purchased by Corona in 2009 at a substantially reduced rate. The impeachment trial has made Megaworld and its Bellagio project (located at the 5-hectare Forbes Town Center at Bonifacio Global City near its 50-hectare McKinley Hill township in Taguig City) instant household names.

“As far as I know, I do think the market and buyers will be indifferent as far as Megaworld is concerned about the whole Corona issue. If at all, it is free advertising for Megaworld. The buyers in particular will see past this situation as Megaworld has built a reputation and brand that will carry them through this gracefully,” said veteran property analyst David T. Leechiu, country manager of Jones Lang LaSalle Leechiu.

Enrique Soriano, Ateneo program director for real estate and senior adviser for Wong+Bernstein Business Advisory, also agreed with Leechiu’s observation, citing “perceived indifference among buyers as they know it’s a political activity.”

Soriano added that “Megaworld is a dominant and innovative player and a first tier stock in the exchange. It has already established equity among players. Its being a market leader and a listed company has created goodwill and image to its buyers and stockholders.

“This current political exercise may just be a temporary setback and for as long as Megaworld’s fundamentals remain sound, a differentiated and sustained value proposition and well-defined vision, the company will not be affected,” Soriano said.

Megaworld has earned the distinction of being the country’s largest residential condominium developer on top of being the country’s leading BPO office developer and landlord.

“Negative publicity is still publicity,” said one property research analyst who requested anonymity because he was not authorized by his company to speak on the issue. “I just hope they (the developer) stop stressing that the unit was water damaged or unfinished (semi-bare) because it doesn’t sit well with those who know the market.”

Megaworld management, meanwhile, has directed its communications office to refrain from answering questions in connection with its involvement in the impeachment trial in deference to the Senate proceedings.

Before the impeachment trial began, Inquirer Property was able to tour the 50-hectare McKinley Hill in Taguig City—a mere five-minute drive from the Forbes Town Center (where Bellagio is located). The township has a mix of houses, garden villas and condominiums in its residential block. It also features a retail complex, a cyber park and an institutional section with international schools and embassies.

Megaworld is also a founding member of Berde (Building for Ecologically Responsive Design Excellence), the first green building rating system designed by Filipinos. Megaworld chose to have the green pilot project for communities in McKinley Hill as “this bodes well for us since we develop mostly townships that differentiates us from other developers,” said Rommel Orbigo, Megaworld assistant vice president for marketing communications, during a previous interview.

Orbigo added that McKinley Hill, being a community covering all aspects (residential, office, retail, schools etc), will have to play a role in its green components. Megaworld and its property management arm First Oceanic, he said, would have to work to get everyone’s support for this initiative.

http://business.inquirer.net/42979/m...l-analysts-say
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Old February 5th, 2012, 07:48 PM   #1604
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Megaworld still on top of its game
By: Charles E. Buban
Philippine Daily Inquirer
9:19 pm | Friday, January 13th, 2012
http://business.inquirer.net/39487/m...op-of-its-game

THE WORLD Finance Plaza is an attractive BPO location inside the McKinley Hill Cyberpark at the BGC.

Megaworld Corp. chair and CEO Andrew Tan must be all smiles these days. Just recently, two leading global real estate advisers have placed his property development company on top of their respective rankings.

CB Richard Ellis (CBRE) Philippines named Megaworld as the country’s top residential condominium developer after launching (together with its subsidiaries, Empire East and Suntrust Properties) more than 40,000 condominium units between 2000 and 2011, a feat that enabled the company to corner 16 percent share of the market, a 4 percent lead over its closest competitor.

In fact, the overall volume of units launched by Megaworld in the same 12-year period represents an estimated total aggregate saleable area of about 1.9 million square meters—a 16.5-percent market share that is 5 percent ahead of the company’s closest competitor.

Largest builder

A few weeks earlier another independent property adviser, Colliers International, came out with its study citing Megaworld as the country’s largest builder of residential condominiums in terms of units completed in 2010 and those that will be completed between 2011 and 2016.

With this achievement, Megaworld is able to capture 18 percent of the market, a 4-percent advantage over its closest competitor.

“We are very proud to be declared the undisputed leader in residential and office condominium development here in Mega Manila. And we will do our best to continue to lead in these two important segments of the property industry. In fact, we are set to launch 11 new residential condominium projects this year, and with more office developments in the pipeline over the next few years, expect Megaworld to remain at the forefront of innovations in the country’s real estate industry,” Tan vowed.

Last year, Megaworld put on a stream of eight new projects: One Eastwood Avenue at the developer’s pioneering 18-hectare Eastwood City township in Quezon City; 101 Newport Boulevard and Belmont Luxury Hotel at the 25-hectare Newport City in Pasay City; One Uptown Residence at the new 16-hectare Uptown Bonifacio in the Global City; Tower 1 of The Viceroy at the 50-hectare McKinley Hill in Fort Bonifacio; the second tower of Manhattan Heights, the third phase of the 5.7-hectare Manhattan Garden City at the Araneta Center in Cubao; the 31-story Greenbelt Hamilton in the Makati CBD; and Eight Newtown Boulevard, Megaworld’s first luxury residential project in Mactan, Cebu.

Additional projects

ONE Uptown Residence is an exclusive, internationally planned community at the BGC.

Expect additional projects this year as CBRE Philippines estimates at least 14,000 units coming from Megaworld. While it expects Megaworld’s market share to decrease slightly, it added that with more than 740,000 sq m of residential condominium units to be launched this year, Megaworld will still be leading with the highest total market share—at 15.3 percent—based on the total saleable area.

Such feat may no longer be surprising for a company that in 1998 applied for a special economic zone license with the Philippine Economic Zone Authority to transform an isolated portion of Libis in Quezon City into something that was still unheard of in the country at the time.

It was a bold move for Tan considering the country was in the middle of the Asian financial crisis and every investor is cautious with his/her money.

A year later, Eastwood City was born and this 17-hectare master-planned, self-contained community became the country’s first IT Park, ushering in the birth of the Philippines’ business processing and outsourcing sector.

Today Eastwood City is not just home to the country’s largest business process outsourcing community but a premier residential, business, commercial and entertainment community where one could live, work, play and learn.

Successful projects

After Eastwood City, there is simply no stopping Tan from coming up with one successful project after another—five-hectare sprawling township called Forbes Town Center in Bonifacio Global City, the 50-hectare McKinley Hill also in BGC, the 5.7-hectare Manhattan Garden City located at the Araneta Center in Cubao, Quezon City, the 25-hectare Newport City with its centerpiece, the Resorts World Manila.

Tan, whose business empire is now pegged at P180 billion in total assets, informed that Megaworld still has a land bank of 230 hectares of “prime land” in “growth areas,” a developable area of 2.29 million sq m, of which one million sq m will be developed into residential areas, and around 886,000 sq m for office space.

And with such rapidly growing real estate empire, we can only guess at where Tan’s next project will be.
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Old February 10th, 2012, 03:05 AM   #1605
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Call : 888-MEGA (6342) local 8887 or 8888
Email : customerservice@megaworldcorp.com
Mobile : 09175636903 / 09175636914

@lifehouse here is the contact numbers,

also here's a link to Megaworld International for those abroad. Just found out this one today from a friend!

http://www.megaworldinternational.co...rk.html#canada
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Old February 10th, 2012, 03:11 AM   #1606
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Thanks jelay and julienaugust for the tips regarding home loan and SPA i really appreciate it, i have emailed a few banks already, still waiting for their replies.
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Old February 16th, 2012, 10:30 AM   #1607
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Hi,

We are having a grand reunion next year. I'm wanting to know if there is a big function room in Manhattan that we can use. My unit's turnover is sometime in April 2013.

Please help.

Marisen
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Old February 17th, 2012, 11:15 PM   #1608
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contact this..

Quote:
Originally Posted by marisen View Post
Hi,

We are having a grand reunion next year. I'm wanting to know if there is a big function room in Manhattan that we can use. My unit's turnover is sometime in April 2013.

Please help.

Marisen
Marisen;

contact this number 8886342.....enjoy.
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Old February 19th, 2012, 04:49 AM   #1609
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Thanks Iyo.
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Old February 20th, 2012, 04:09 PM   #1610
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I'm planning to sell my unit in Manhattan Garden City Parkway Tower 2. I will be migrating hopefully this year. Still thinking whether to rent it out but it might be too much of a hassle.

Its a 28.5 sq meter studio condo unit with balcony at 28th floor (topmost floor). This unit is due for turn over this year, not later than August 2012, fully paid by bank loan. PM me if interested or email me at lifehouse@live.co.uk.
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Old February 23rd, 2012, 01:55 PM   #1611
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Me...
I'm looking for those who would like to
Sell their parking space at park view or does not
Want to continue their payment please pm
Me too.
Thanks
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Old February 23rd, 2012, 03:22 PM   #1612
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Quote:
Originally Posted by Iyo View Post
Me...
I'm looking for those who would like to
Sell their parking space at park view or does not
Want to continue their payment please pm
Me too.
Thanks
Hi Iyo, taga parkview ka rin ba? anong floor ka? me status update ka ba ng construction atsaka turnover?

Pasensya na sa madaming tanong.

Helen
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Old February 26th, 2012, 08:22 PM   #1613
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8 rants about owning a PH condo
By: Tessa R. Salazar
Philippine Daily Inquirer
10:20 pm | Friday, February 24th, 2012

THE INCREASING number of condo units near employees’ workplace also meant buyers should be more discerning. Photo by Tessa R. Salazar
First in a series
Owning a piece of real estate such as a condominium unit has become a reachable dream for the multitude belonging to the working class. The healthy competition among developers has resulted in competitive pricing and more flexible payment schemes.
At a price range of P45,000 to P80,000 per square meter depending on the project location, a wider base of buyers are taking up units big and small near their places of work. The condominium business has become the darling of the local real estate industry.
But what’s on the flip side of this seemingly pretty picture of happy condo buyers and (even) happier developers? Inquirer Property has come across discerning readers and buyers who have had not-so-pleasant experiences of buying condominium units in the Philippines. Then, we asked property experts to either confirm or explain these experiences. Here are some surprising insights and revelations on the 8 most-ranted-about issues of buying condo units in the Philippines

1 Condos don’t come with the parking slots. One reader/buyer ranted: “Developers don’t provide units with their own parking slot. We have to buy a separate lot with a separate title just for parking.”
Architect Edilberto J. Morcilla did confirm that parking slots are not bundled with the condo unit most of the time. “It is an option for a client to buy or not. It has a separate title, thus, a separate acquisition cost. Many buyers would also opt not to have a parking slot. Designers therefore do not provide a one-to-one ratio for units and parking slots.”
National Real Estate Association chair Alejandro S. Mañalac agreed with this observation. “Most developers do provide parking slots, but yes you have to buy them separately. This gives the buyer a choice whether to get one or not. It is more practical than automatically offering the unit with parking (with the corresponding additional price, of course) and ‘forcing’ the clients to buy them even if they don’t have use for them, especially those who are just intending to lease out their units. But, as a piece of advice to condo buyers, it is really more practical to buy a parking slot. You may not have use for them but you can definitely easily lease them out.”
Enrique M. Soriano, Ateneo program director for real estate and senior adviser for Wong+Bernstein Business Advisory, explained that developers must balance parking provisions vis-à-vis various unit sizes, and usually priority slots are given to bigger sized units. The building code provides a certain ratio, sq m over parking, making a parking purchase not automatic and separate from the condo unit.

2 Lost deposits. “If you are in the process of buying a condo, you will go through all kinds of problems from (agents). You will lose your deposit if you don’t follow up all the time,” another buyer ranted.

Photo by Tessa R. Salazar
Soriano confirmed this happening. “Agents come and go, however, buyers must also have the initiative to track their purchase and not be overly dependent on agents.”
Mañalac said, “If you buy from the wrong agent, you will experience this whether you are buying real estate, cars, insurance, etc. Some buyers also tell their agents that they will just buy through their friends or relatives who are not really into the property business but just to give them a favor. This messes up the whole thing. Also, if you buy from an agent, and you ask for all their commissions, why should you expect good service?”
Morcilla explained that condo projects, especially the fast-moving ones, follow strict deadlines when it comes to unit reservations. Buyers must be mindful of the deadlines to submit pertinent documents as other agents might be eyeing the same units for their own clients. Failure to submit needed documents can and will result to the forfeiture of reservation fees, because there is also what is called the “lost opportunity” for the developer.

3 Overseas Filipino workers are taken advantage of. “Overseas Filipino workers have more problems (when buying condo units in the Philippines) as they are being taken advantage of. Buyers lose their deposits and payments because of corruption in the system. Sometimes, the OFW isn’t aware that he or she has been paying for a unit owned by many other buyers or existing owners, and corrupt agents collect payments from all of them. If you’re not in the Philippines they take advantage of your absence. And there are just too many paper work which are so complicated,” an angry reader writes.
“Agree,” Soriano quipped, as he added, “And I empathize. Overseas buyers really go through the wringer. The key is to invest on reputable developers with a long history of delivering quality projects on time.”
Mañalac revealed, “It is true that there are other agents selling abroad. Some were officially sent by their companies to do roadshows, while some are there on their own. It is very important for our OFWs to be very careful in dealing with these agents since they will not be here to personally attend to their accounts.” He then urges OFWs to answer these important questions whenever they encounter agents offering condos in the Philippines:
Does the agent belong to a credible company with a good track record of delivering their projects with good quality and on time?

SOME EMPLOYEES would rather purchase a condo unit near their offices than buy a car and drive to work. Photo by Tessa R. Salazar
Is he or she an official representative of the company? It would be better if the developer has an official and legitimate office in that particular foreign country.
Are the agents quoting you the official prices and availability of the units? It would be better if their inventories and official computation templates were online.
Does the agent’s company maintain an online client portal where buyers can securely access their accounts anytime? This would be useful, especially when the agents are inaccessible or have left the company.
Mañalac said paperwork is necessary, whether they are buying properties here or abroad. Basically, though, this paperwork is really just part of a contract printed in several sets for buyer’s signatures, which makes it seem already voluminous for some. Expect additional paperwork when buyers avail of financing either through banks or a Pag-Ibig housing loan.
Morcilla said OFWs acquiring condo units can expect the process to be a “little more complicated,” more so if the overseas Filipino assigns a local representative not knowledgeable in such transactions.
“Being taken advantage of can happen in any business transaction. It is best that one must first solicit for a recommendation from relatives or friends for a more reliable developer, marketing firms or agents for that matter, before negotiating for a unit. Also, be cautious and discerning with your agent who might be ready to move heaven and earth just to close a sale. Most of all, if one is serious in buying a condo unit and after paying reservation fees, make sure to have the necessary documents delivered on time to avoid forfeiture as they are allowed to do so, for the reason given above,” Morcilla cautioned.
(Next: Rants 4 to 8—Multiple ownerships, association dues, geologic hazards, discounts and damaged units, and accountabilities in the event of a man-made disaster)

http://business.inquirer.net/46215/8...ing-a-ph-condo
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Old March 1st, 2012, 03:39 AM   #1614
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Here are project updates for MGC projects (as of January)

For Parkway:
-All towers are topped off at roof deck level already.
-Tower 1 is 97.50% complete.Punch listing of electrical, sanitary and masonry is underway. Turnover is also ongoing
-Tower 2 is 86% complete while Tower 3 is 75% complete. Roughing-ins, testing of pipes, punch listings of interior masonry works and installation of wires, fixtures, aluminum window, tiles, ceilings, etc. are ongoing for both towers. Turnover of units also started in TOWER 2.

For Parkview:
-Tower 1 is 68% finished while Tower 2 is 49% done. Both towers have been topped off already at roof deck level and masonry works are ongoing.
-Tower 3 is 22% complete. Concreting works are being done at the 22nd flr.

*All towers are undergoing electrical and sanitary roughing-ins and sanitary pipe
sleeving.
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Old March 1st, 2012, 07:04 AM   #1615
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projects updates

Quote:
Originally Posted by empress_girl View Post
Here are project updates for MGC projects (as of January)

For Parkway:
-All towers are topped off at roof deck level already.
-Tower 1 is 97.50% complete.Punch listing of electrical, sanitary and masonry is underway. Turnover is also ongoing
-Tower 2 is 86% complete while Tower 3 is 75% complete. Roughing-ins, testing of pipes, punch listings of interior masonry works and installation of wires, fixtures, aluminum window, tiles, ceilings, etc. are ongoing for both towers. Turnover of units also started in TOWER 2.

For Parkview:
-Tower 1 is 68% finished while Tower 2 is 49% done. Both towers have been topped off already at roof deck level and masonry works are ongoing.
-Tower 3 is 22% complete. Concreting works are being done at the 22nd flr.

*All towers are undergoing electrical and sanitary roughing-ins and sanitary pipe
sleeving.

Empress!!!
thanks for your update....

I wonder is the construction fast or slow or just on time????
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Old March 1st, 2012, 05:44 PM   #1616
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Quote:
Originally Posted by empress_girl View Post
Here are project updates for MGC projects (as of January)

For Parkway:
-All towers are topped off at roof deck level already.
-Tower 1 is 97.50% complete.Punch listing of electrical, sanitary and masonry is underway. Turnover is also ongoing
-Tower 2 is 86% complete while Tower 3 is 75% complete. Roughing-ins, testing of pipes, punch listings of interior masonry works and installation of wires, fixtures, aluminum window, tiles, ceilings, etc. are ongoing for both towers. Turnover of units also started in TOWER 2.

For Parkview:
-Tower 1 is 68% finished while Tower 2 is 49% done. Both towers have been topped off already at roof deck level and masonry works are ongoing.
-Tower 3 is 22% complete. Concreting works are being done at the 22nd flr.

*All towers are undergoing electrical and sanitary roughing-ins and sanitary pipe
sleeving.

Excellent update!!! Thanks Empress. By the way, where did you get this info?
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Old March 2nd, 2012, 04:03 AM   #1617
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for updated pictures you may want to check out www.manhattanmegaworld.multiply.com
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Old March 3rd, 2012, 02:28 PM   #1618
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New Info:

Just called Quality Control unit of MGC last March 2. No notice yet for turn-over of Parkway tower 3. For sure, not this April or May. They can't tell when until it starts doing so at the lowest level. But definitely 2013 is far too long according to them. No wonder a friend's friend unit in Parkway tower 2, 11th floor has not been turned-over yet up to this time
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Old March 4th, 2012, 12:59 PM   #1619
julieannaugust
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Quote:
Originally Posted by julieannaugust View Post
8 rants about owning a PH condo
By: Tessa R. Salazar
Philippine Daily Inquirer
10:20 pm | Friday, February 24th, 2012

THE INCREASING number of condo units near employees’ workplace also meant buyers should be more discerning. Photo by Tessa R. Salazar
First in a series
Owning a piece of real estate such as a condominium unit has become a reachable dream for the multitude belonging to the working class. The healthy competition among developers has resulted in competitive pricing and more flexible payment schemes.
At a price range of P45,000 to P80,000 per square meter depending on the project location, a wider base of buyers are taking up units big and small near their places of work. The condominium business has become the darling of the local real estate industry.
But what’s on the flip side of this seemingly pretty picture of happy condo buyers and (even) happier developers? Inquirer Property has come across discerning readers and buyers who have had not-so-pleasant experiences of buying condominium units in the Philippines. Then, we asked property experts to either confirm or explain these experiences. Here are some surprising insights and revelations on the 8 most-ranted-about issues of buying condo units in the Philippines

1 Condos don’t come with the parking slots. One reader/buyer ranted: “Developers don’t provide units with their own parking slot. We have to buy a separate lot with a separate title just for parking.”
Architect Edilberto J. Morcilla did confirm that parking slots are not bundled with the condo unit most of the time. “It is an option for a client to buy or not. It has a separate title, thus, a separate acquisition cost. Many buyers would also opt not to have a parking slot. Designers therefore do not provide a one-to-one ratio for units and parking slots.”
National Real Estate Association chair Alejandro S. Mañalac agreed with this observation. “Most developers do provide parking slots, but yes you have to buy them separately. This gives the buyer a choice whether to get one or not. It is more practical than automatically offering the unit with parking (with the corresponding additional price, of course) and ‘forcing’ the clients to buy them even if they don’t have use for them, especially those who are just intending to lease out their units. But, as a piece of advice to condo buyers, it is really more practical to buy a parking slot. You may not have use for them but you can definitely easily lease them out.”
Enrique M. Soriano, Ateneo program director for real estate and senior adviser for Wong+Bernstein Business Advisory, explained that developers must balance parking provisions vis-à-vis various unit sizes, and usually priority slots are given to bigger sized units. The building code provides a certain ratio, sq m over parking, making a parking purchase not automatic and separate from the condo unit.

2 Lost deposits. “If you are in the process of buying a condo, you will go through all kinds of problems from (agents). You will lose your deposit if you don’t follow up all the time,” another buyer ranted.

Photo by Tessa R. Salazar
Soriano confirmed this happening. “Agents come and go, however, buyers must also have the initiative to track their purchase and not be overly dependent on agents.”
Mañalac said, “If you buy from the wrong agent, you will experience this whether you are buying real estate, cars, insurance, etc. Some buyers also tell their agents that they will just buy through their friends or relatives who are not really into the property business but just to give them a favor. This messes up the whole thing. Also, if you buy from an agent, and you ask for all their commissions, why should you expect good service?”
Morcilla explained that condo projects, especially the fast-moving ones, follow strict deadlines when it comes to unit reservations. Buyers must be mindful of the deadlines to submit pertinent documents as other agents might be eyeing the same units for their own clients. Failure to submit needed documents can and will result to the forfeiture of reservation fees, because there is also what is called the “lost opportunity” for the developer.

3 Overseas Filipino workers are taken advantage of. “Overseas Filipino workers have more problems (when buying condo units in the Philippines) as they are being taken advantage of. Buyers lose their deposits and payments because of corruption in the system. Sometimes, the OFW isn’t aware that he or she has been paying for a unit owned by many other buyers or existing owners, and corrupt agents collect payments from all of them. If you’re not in the Philippines they take advantage of your absence. And there are just too many paper work which are so complicated,” an angry reader writes.
“Agree,” Soriano quipped, as he added, “And I empathize. Overseas buyers really go through the wringer. The key is to invest on reputable developers with a long history of delivering quality projects on time.”
Mañalac revealed, “It is true that there are other agents selling abroad. Some were officially sent by their companies to do roadshows, while some are there on their own. It is very important for our OFWs to be very careful in dealing with these agents since they will not be here to personally attend to their accounts.” He then urges OFWs to answer these important questions whenever they encounter agents offering condos in the Philippines:
Does the agent belong to a credible company with a good track record of delivering their projects with good quality and on time?

SOME EMPLOYEES would rather purchase a condo unit near their offices than buy a car and drive to work. Photo by Tessa R. Salazar
Is he or she an official representative of the company? It would be better if the developer has an official and legitimate office in that particular foreign country.
Are the agents quoting you the official prices and availability of the units? It would be better if their inventories and official computation templates were online.
Does the agent’s company maintain an online client portal where buyers can securely access their accounts anytime? This would be useful, especially when the agents are inaccessible or have left the company.
Mañalac said paperwork is necessary, whether they are buying properties here or abroad. Basically, though, this paperwork is really just part of a contract printed in several sets for buyer’s signatures, which makes it seem already voluminous for some. Expect additional paperwork when buyers avail of financing either through banks or a Pag-Ibig housing loan.
Morcilla said OFWs acquiring condo units can expect the process to be a “little more complicated,” more so if the overseas Filipino assigns a local representative not knowledgeable in such transactions.
“Being taken advantage of can happen in any business transaction. It is best that one must first solicit for a recommendation from relatives or friends for a more reliable developer, marketing firms or agents for that matter, before negotiating for a unit. Also, be cautious and discerning with your agent who might be ready to move heaven and earth just to close a sale. Most of all, if one is serious in buying a condo unit and after paying reservation fees, make sure to have the necessary documents delivered on time to avoid forfeiture as they are allowed to do so, for the reason given above,” Morcilla cautioned.
(Next: Rants 4 to 8—Multiple ownerships, association dues, geologic hazards, discounts and damaged units, and accountabilities in the event of a man-made disaster)

http://business.inquirer.net/46215/8...ing-a-ph-condo

Condo buyers encounter more woes in PH
By: Tessa R. Salazar
Philippine Daily Inquirer
1:16 am | Saturday, March 3rd, 2012


BUYING condo unit that’s literally a stone’s throw away from your workplace? Choose a company and agents with real estate experience and proven track record. Photo by Tessa R. Salazar
Second in a series

Condominiums are no longer the exclusive domains of the moneyed. They have also become financially attainable by the working class. Consider the competitive prices of condominiums at P45,000 to P80,000 per square meter in the city, and one can understand how tempting it is to buy a place to live in and be literally a stone’s throw away from the workplace.
However convenient condo living may be, buying a unit can be frustratingly difficult, as Inquirer Property started revealing last week, based on the experiences of actual buyers who e-mailed their buying “woes.” This series started by citing the first three of the eight most-ranted-about issues: condos with no parking slots; lost deposits; and overseas Filipino workers taken advantage of.

Before proceeding to the next rants, let’s expound a bit more on the overseas Filipinos’ complaints, particularly on payment forfeiture. A disgruntled reader/buyer wrote Inquirer Property online, “As a result of an OFW’s ‘absence,’ paperwork does not matter to selling agents, as they do not help you out. They just forfeit your payments.”

National Real Estate Association chair Alejandro S. Mañalac shed light on this issue. Most developers, he said, make “forfeitures their last resort. However, in most cases, this is not done without due process. Notices and reminders are sent with ample time/grace period for settlement before a final demand or notice of forfeiture is served (via registered mail).”

Mañalac stressed that the most important action in situations like these would be to communicate with the developers and “never ignore” their notices.
“If they have valid reasons and are not in habitual default of their payments, considerations and even restructuring of payments are accommodated. The problem is that some buyers ignore these letters and use the lame excuse that they are not receiving these notices (that is why it is very important to indicate the mailing address in the buyer’s info sheet that they fill up because this will be the same address used for the contract. Also, make sure that in case they decide to use their local address here, the people residing in the local address are responsible enough to inform them about such notices. There are many cases where relatives do not inform the buyers that the account is already delinquent),” Mañalac said.

Veteran real estate broker and educator Enrico Cruz of Marikina said OFWs should seek out reliable salespersons and brokers (before buying). Cruz said he always taught his students at Urban Institute that brokers and salespersons should always remember that the buyer is their principal, even if the commission fee they receive comes from the developer.

4“Multiple ownership leads to manipulation of condominium units.” A reader lamented that “Koreans, Chinese and Filipino politicians who own a number of units are renting out their units to ‘balikbayans’ for the duration of their vacation… Are they (unit owners) even paying income tax for renting out?”

Architect Edilberto J. Morcilla agreed with the observation. “Since foreign nationals are not allowed by Philippine law to own land, but allowed to own condominium units, these enterprising foreigners opt to buy several units for their investments. I am not sure, though, whether it will be easy for them to evade paying taxes as we now have stricter rules on taxation,” Morcilla said.
Mañalac said: “I am not sure whether the reader is referring to the ‘co-development/comunidades/Build-your-Own’ set-up where all the buyers are considered ‘coowners’ or ‘codevelopers.’”

SEEK out reliable salespersons and brokers before buying a condo unit near your office. Ask around. Investigate. Photo by Tessa R. Salazar
He added, however, that it is true that “some units were sold to investors to be operated as condotels where the investors enjoy monthly returns through short- and long-term leasing of their units without personally managing it since it is being done by professional hotel operators, and there is absolutely nothing wrong with it.”

5 No price regulation of association dues. Enrique M. Soriano, Ateneo program director for real estate and senior adviser for Wong+Bernstein Business Advisory, said: “Again, it’s a balancing financial act played by the developer in the initial stage prior to the turnover. Then, another challenge will come from the facilities manager managing the condo using as baseline variables like security, staffing, cost of maintenance, brand value and competitiveness.”

Mañalac said rates for association dues really depend on several factors: a) who manages the condo (in-house or professional building managers?); b) number of units/residents (to share in the operating expenses); and, c) size of common areas, amenities to maintain and to secure. “Thus, comparisons should be done apples to apples,” he stressed.

Morcilla said the varying rates would be due to “project cost and package prices of condominiums differing greatly, depending on location, amenities, specifications and of course, target market.” Cruz said such wildly varying dues happen “especially if the condominium corporation is still controlled by the developer.”

“However, for condominium corporations already in the hands of the unit owners, all dues and assessment emanates from the boards after thorough discussion with the members. Besides, any excess becomes property of the corporation, which is owned by unit owners,” Cruz said.

6 Some developers don’t reveal the “geological background” of the location. “I agree (with this rant). There should be full disclosure,” quipped Soriano, while Manalac said, “Buyers should always exercise due diligence before buying a property, especially if a particular area has a recent history of problems like flooding, faultlines, landslides and the like.”
Morcilla said such geological data would be “too technical for most buyers, but for those who would want this particular information, the local government is the best entity to solicit documents from.” Cruz discloses that “development permits are issued by the Housing and Land Use Regulatory Board for the condo projects. The LGU issues building permits. These two should be able to prevent such an occurrence where a condo project is located in geo-hazard zone.”

7 No clear policy for discounts on bare or damaged units. Soriano agreed with this complaint, observing that “buyers must catch up on a lot of issues before investing or buying a condominium.” Morcilla explained “This is also dependent on package prices of condominiums. Damaged units also differ on extent, thus, discounts cannot be encapsulated in the form of policy.”
Cruz agreed, saying discounts on bare/damaged units are the prerogative of the developer.

8 No clear policy on accountability when man-made disasters occur. The unfortunate incident involving unit owners of the West Tower Condominium Building in Makati and the busted gas pipeline of First Philippine Industrial Corp. comes to mind. In such cases, Soriano said “legal remedies are provided through the condo corporation, but then again unit owners must contend with the Philippine legal system.”

Mañalac said “this problem would already be outside the developer’s concern and control.” Morcilla explained that “this falls on a different law of the land called ‘Writ of Kalikasan,’ where the Filipino people are empowered to assert their rights for a healthier environment.”

Cruz said building codes, structural codes, fire codes and development permits pinpoint responsibilities. “In the case of the pipeline leak, this is not the responsibility of the developer,” he said.
Next: Do the 8 rants have basis?

http://business.inquirer.net/47257/c...ore-woes-in-ph
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Condo-buying experience depends on agents, developers
By: Tessa R. Salazar
Philippine Daily Inquirer
12:24 am | Saturday, March 10th, 2012
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RESEARCH and investigate to find an affordable and trouble-free condominium unit near your workplace.. PHOTO BY TESSA R. SALAZAR

(Conclusion)
The past two weeks, Inquirer Property has enumerated the eight most common complaints of buyers of Philippine condominiums. Now, we ask the property experts and analysts: Do these rants have basis? The unanimous response seems to be in the affirmative.

“Yes, a significant component (of the condominium business) comes from the most neglected part of the development phase—the post sales and service delivery process. Developers look at this phase as ministerial and an added cost. So they end up using poorly trained frontliners and account managers employing archaic methods that breed bureaucracy. This can be a recipe for a higher attrition rate,” analyzed Enrique M. Soriano, Ateneo program director for real estate and senior adviser for Wong+Bernstein Business Advisory.

Soriano added that buyers must read and understand the Reservation Agreements (RA).
They must also make sure that they take the initiative in monitoring their deposits and downpayments. Agents, he noted, come and go, and it would be hard
to rely on agents and developers’ representatives to provide the servicing when there are thousands of units being processed.

“Real estate buying should never be an emotional decision, and it pays to do extensive research not only on projects but on the track record of the developer. That includes doing a full check on agents and brokers,” he said.

Soriano added that buyers must ask these questions: Is the agent an organic part of the property firm? Is he/she an accredited broker? Is he/she on full time with property brokering or with the development?

He also urged buyers to ask to meet with the most senior head of the sales organization so you can have the assurance of a fair deal.

National Real Estate Association chairman Alejandro S. Mañalac, for his part, said: “Basically, it all boils down to the choice of company and choice of agents.”
He advised buyers to be wary of deals with new agents with no real estate experience. He said that buyer security would “hopefully improve with the strict implementation of the RESA [Real Estate Service Act] law requiring PRC licenses for brokers and accreditation for agents.”

Stress-free buying experience

YOU still need to do your homework when buying a condo unit near your workplace.
Paul Vincent Chua, Colliers International associate director for valuation and advisory services and head of consultancy and research, said that with the amount of units being sold in the market these days, “what separates a good developer from one that is not is the quality of their agents.”

“One of the primary responsibilities of the agent is to make sure that the buying experience of their client is as stress-free as possible. That is the reason people go through agents anyway. Now, if the agent does not explain properly the requirements or the timelines needed to process the documents needed to complete the reservation, then the agent is at fault.”

Chua added that “buyers must be fully informed and it is their right to be informed. If the agent cannot answer your questions, particularly on the documents, then you have the right to request for a different agent or talk with your agent’s superior. It is their money and they have that right. You have to have everything documented (official receipts are issued, etc.)”

Veteran broker and real estate educator Enrico S. Cruz also agreed that most of the complaints have basis.

“I have been receiving information on these unfortunate situations. The usual case is where the buyer signified something verbally and not in black and white with the ‘agent’ (who should be called a real estate salesperson) or to the developer who initially agreed but later on denied.”

IT would be best to deal only with reputable developers when buying a unit, whether you’re an overseas Filipino or not. PHOTO BY TESSA R. SALAZAR
Cruz said buyers should be advised to make all their communications with the developer or salespersons in written form, and properly received by them. As much as possible, he said, buyers should directly communicate with the developer.

Careful
Buyers should be careful to read and fully understand the contents of all the documents they sign, specially the fine print. Buyers should also demand any explanation or replies to be made in writing.

Cruz said double sales are prohibited. Pesidential Decree 957 requires developers to register all sales made, even if on installment, with the Register of Deeds. Even though with this requirement, buyers should first verify the Transfer Certificate of Title or Condominium Certificate of Title before buying any property, if it is clear of any annotation of previous sale or mortgage.

REAL estate buying should never be an emotional decision, and it pays to do extensive research not only on projects but on the track record of the developer.
Cruz said that upon deposit or payment of down payment and signing of the Contract to Sell, buyers should take the initiative of registering the sale with the Register of Deeds. This will prevent the seller from making a second sale of the same property, or if ever there is a second buyer, the first buyer who registered the sale has the right over the property.

LGUs, HLURB
Chua said buyers should understand that prior to any condominium launched, it must be approved by the local government unit and the Housing and Land Use Regulatory Board—two government agencies that should be able to identify based on their zoning plan the areas where residential buildings should be built. “Admittedly, some of our land-use plans are outdated and should be studied by the local government again, to ensure the safety of the would-be buyers in these developments,” Chua added.

Soriano said that in his engagements in other Asian countries, developer initiatives provide prospective homebuyers with a neighborhood directory that provides a detailed natural history of the area, contact information of local officials, support institutions like schools and hospitals as well as destination landmarks.

“This handy information provides a ready reference that includes disclosure notes. The material provides prospective home buyers information before and after the selling process,” Soriano concluded.


http://business.inquirer.net/48571/c...nts-developers
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